One of the things I watch very closely is the closing action. I want to see if the market is being bought or sold into the close as this is typically when professionals are at work, positioning for the next day. Despite the decidedly sloppy action through the course of early trade yesterday, the close was very strong. This is a good thing for bulls.

What is not good is the reaction traders seem to be having for macro events. In that category I place the ongoing sovereign debt issues in Europe and, of course, the hostilities between North and South Korea. A general rule of thumb is a stock market that reacts negatively to macro events is a weak market.

So, we have some mixed signals. Is there a tiebreaker? I still believe that seasonality is the ace-in-the-hole for stock market bulls. I'm very doubtful bears will be able to fashion any type of assault on price heading into the end of the year. Normally, it just does not work that way.

Unfortunately, it is still going to be a bit of a tough road for stock market bulls because this looks more like 1999 than 2003. That is not a macro economic statement. That is a view of the current tape. It looks as though professionals will sink most of their available funds into the very stocks most others really don't want to buy because they feel valuations have been stretched. That means we can look forward to further heady gains for the likes of salesforce.com (CRM) - Get Report, Netflix (NFLX) - Get Report, F5 Networks (FFIV) - Get Report, Chipotle Mexican Grill (CMG) - Get Report, Apple (AAPL) - Get Report and Google (GOOG) - Get Report.

I stopped at six but there are others in this group. They are bulletproof stocks in strong up trends and I look for them to get even stronger in the weeks ahead. Heck, they may get "silly" strong.

I'm not adding any new positions today as the market is called sharply higher and I hate to chase the tape. Plus, Thanksgiving is upon us and I don't want to carry a lot of new inventory into the holiday. If the SPX can close above 1192 today, I will have a new recommendation Friday.

At the time of publication, Terry Bedford was long AAPL stock, short AAPL calls, long NFLX calls and long/short GOOG puts.

Terry is the Founder and President of Bedford & Associates Research Group. Terry writes for AOL Finance and MSN Money and is regularly quoted by the financial media.

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